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Williams Sees Fed Getting Closer To Cut Rates, But Not Yet

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  • Following an interview with NY Fed’s Williams conducted yesterday, WSJ’s Timiraos writes “A top Federal Reserve official suggested an interest-rate cut could be warranted in the coming months -- though not at the central bank's meeting in two weeks -- if a recent inflation slowdown continues.”
  • Williams (voter) sees the last three months of data as “getting us closer to a disinflationary trend that we're looking for”. “These are positive signs. I would like to see more data to gain further confidence inflation is moving sustainably to our 2% goal."
  • "It is not really a story about a 'last mile' or some part that's particularly sticky”. Different inflation measures are "all moving in the right direction and doing that pretty consistently."
  • "A restrictive stance of policy that we have in place is appropriate. I do think there is a decision ahead of us at some point to decide, not to get out of a restrictive stance of policy, but to lower interest rates in a way that lessens how restrictive policy is."
  • Full piece here.
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  • Following an interview with NY Fed’s Williams conducted yesterday, WSJ’s Timiraos writes “A top Federal Reserve official suggested an interest-rate cut could be warranted in the coming months -- though not at the central bank's meeting in two weeks -- if a recent inflation slowdown continues.”
  • Williams (voter) sees the last three months of data as “getting us closer to a disinflationary trend that we're looking for”. “These are positive signs. I would like to see more data to gain further confidence inflation is moving sustainably to our 2% goal."
  • "It is not really a story about a 'last mile' or some part that's particularly sticky”. Different inflation measures are "all moving in the right direction and doing that pretty consistently."
  • "A restrictive stance of policy that we have in place is appropriate. I do think there is a decision ahead of us at some point to decide, not to get out of a restrictive stance of policy, but to lower interest rates in a way that lessens how restrictive policy is."
  • Full piece here.